By The largest banks in Taiwan are public banks capable of maintaining their position as large banks in terms of asset scale, controlling more than half of the market of relatively affluent customers.
Not only do state-owned banks dominate, but there are also private banks that provide various services to customers due to their substantial assets.
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With a variety of large banks in Taiwan, it provides convenience for the people in the country to conduct various transactions through the services provided by each bank. Banks in Taiwan can be considered large banks considering their high asset values compared to several other banks in the country.
List of the Largest Banks in Taiwan
1. CTBC Bank
CTBC Bank is one of the largest private banks in Taiwan, founded in 1966 under the name China Securities and Investment Corporation. In 1971, it changed its name to Chinatrust Investment Company Limited, and in 1992 changed it again to Chinatrust Commercial Bank until finally, in 2013, it became CTBC Bank.
This bank has subsidiaries in the United States, the Philippines, Japan, Canada, Indonesia, and Thailand, while its foreign branches are located in Hong Kong, Singapore, India, China, Japan, and Vietnam, with foreign representative offices in Bangkok, London, Beijing, Hanoi, Los Angeles, and Manila.
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CTBC Bank has been awarded as the best bank in Taiwan by professional institutions such as Asiamoney The Asset magazine. It has also been recognized by Global Finance and Asiamoney as the best foreign exchange bank in Taiwan.
Additionally, it has been awarded the best retail bank in Taiwan by The Asian Banker for the 9th time and the best wealth management bank in Taiwan by Euromoney for the 11th time.
2. Mega International Commercial Bank
This bank, one of the largest in Taiwan, ranks second by core capital and is a subsidiary of Mega Financial Holding Company, with 108 branches in Taiwan and 39 units overseas excluding foreign banking branches.
It is the only domestic USD or euro settlement bank designated by the Bankers’ Association.
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Mega International Commercial Bank Co., Ltd was established through the merger of the historic China International Commercial Bank and Chiao Tung Bank. It currently consists of seven business groups with eight committees.
Its overseas units are located in the United States, Canada, Panama, the Philippines, Japan, Cambodia, Vietnam, Singapore, Malaysia, Myanmar, Hong Kong, India, China, Indonesia, Australia, Thailand, the Netherlands, France, and the United Kingdom.
3. Taiwan Cooperative Bank
Taiwan Cooperative Bank is a public bank headquartered in Taipei, Taiwan, established in 1923 by Japan during its governance of Taiwan.
TCB was reorganized in 1946 and has experienced significant development since then. It has become one of the largest banks in Taiwan with numerous branches, and it is one of the six domestic banks that play a crucial role in Taiwan’s systemic banking.
Originally formed in 1923 as an alliance of 260 credit unions in Taiwan, TCB partnered with BNP Paribas in 2009 to sell insurance products in Taiwan. The following year, BNP announced another joint venture through TCP to establish asset management operations in Taiwan.
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4. First Commercial Bank
First Commercial Bank, or First Bank, is one of the largest banks in Taiwan, originally established on November 12, 1899, as Taiwan Savings Bank. Throughout its history, it has undergone numerous mergers and acquisitions, merging with commercial banks and industries in Taiwan.
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Chia-I and Hsin-Kao Banks were among the first banks widely known to the public and had hundreds of branches nationwide and overseas. It is ranked among the top 250 banks in the world by total assets and core capital, with its headquarters in Taipei.
5. Taipei Fubon Commercial Bank
Established in 2005 through the merger of Taipei Bank and Fubon Bank, Taipei Fubon Commercial Bank is a subsidiary of Fubon Financial. Fubon Financial operates various financial services beyond banking.
While a leading company in Taiwan, it is just a unit within the larger Fubon organization. It aggressively expands its operations overseas, particularly in Southeast Asia, with its headquarters in Taipei.
6. Cathay United Bank
United World Chinese Commercial Bank merged with Cathay Commercial Bank to form Cathay United Bank in 2003. The bank has aggressively expanded its operations in Southeast Asia through a series of acquisitions, including acquiring Singapore Banking Corporation to dominate the Cambodian market.
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It also acquired Bank of Nova Scotia Berhad Malaysia to gain control over the Malaysian market. This public company is traded on the Taiwan Stock Exchange, with its headquarters in Taipei.
